I would like to seek for legal advise regarding the matter below :
I purchased a lot property way back June 2009. I was paid with the 15 percent
down payment and I have completed 1 year and 9 months of my monthly
amortization of 17,500K.
1st query : Is that okay that this company is not providing any official
or provisional receipt? They are only providing a piece of paper with
secretarys signature whenever we are paying on a monthly basis. I have
asked so many times for this but they keep on saying that they will only
provide the official receipt if I will settle the amount in full.
Please advise on this matter as I believe there is something wrong with the
rules and policies they are following. And I do hope that if they found
guilty and not adhering with the tax legislations, the corresponding
punishment will be take place.
2nd Query : I have a 10 year contract with the Developer with a
monthly amortization of 17500 a month. The interest they have put on
this property is like 20 percent per annum. My anniversary month is
May and I have plans to pay the remaining balance in just span of 2
Is there any article under Philippine Law where in it states that this
contract can be revised so the interest that has been calculated for
ten years will only become 2 years or is there any law that will tell that Buyer can ask to the owener to waive the interest?
I suggested this case to the company but they refused. They are
tellng me that if they will do that, they will need to recalculate the
amount plus the late interest because the amortization should be much
bigger if only for 2 years.
Please advise on two case and many thanks in advance for the help and